Recent content by eightracker

  1. eightracker

    Renting a property in foreclosure

    So your tenants move out, you "move in", and get cash for keys...Not bad! But what will you do to stage it with furniture and other things to make it look like you are actually living there?
  2. eightracker

    Renting a property in foreclosure

    Cmefly, why would you bother to "negotiate a move out with the attorney working for the lender"? What would be in that for you? AFA loan to value, the liens appear to total $240K on a property worth $150K. The foreclosing second would need to pay off the first lien holder in any sale, or at...
  3. eightracker

    Renting a property in foreclosure

    Well I'm guessing that by the date you do lose the house, you will be ahead by about 61 grand...Not bad, eh eh! You say they are aware of the foreclosure, so why cause them to have to move now? Let them stay and you collect rent at least for the month of March. AFA any security deposit, you...
  4. eightracker

    Walking Away And Not Screwing The Neighbors?

    Hmm, I'll have to let my CPA know about this. I have had rental property since 1978, and any loss has always washed against other income. The government MAKES one take a 27-1/2 year depreciation schedule on rental property, and in doing so has to allow it to apply against other income. AFA...
  5. eightracker

    Walking Away And Not Screwing The Neighbors?

    Why not simply rent the house out? That way it would hopefully be maintained, and you would have a cash flow coming in monthly. If the rent were less than your mortgage, it would increase the tax write off you would be receiving, in addition to the paper depreciation.
  6. eightracker

    Anyone Been Denied Repayment Plan?

    Apparently spoken by one who has not gone through the loan mod process with Chase. I just received my fifth (5th) loan mod from Chase on the fifth RENTAL HOUSE that I applied for. The key is to swamp them with all the documentation they ask for, and display that your income is sufficient to...
  7. eightracker

    Certified Forensic Loan Auditors Findings On Countrywide Loan

    I find this very interesting. I have a rental house that I re-fied about 10 years ago. The loan ended up being serviced by Ocwen, and then it was transferred to Nationstar. I queried them for the owner of the note, and they responded with LXS Series 20070-4N. LXS of course being Lehman...
  8. eightracker

    Foreclosure Is Taking Too Long

    I've got a mod request in with them that I submitted in November, for a rental house. If you got a modification from them, about how long did it take?
  9. eightracker

    Loan Mod Approved! , But I'm Backing Out. ):

    I believe that if you accept it, you are hamstrung for awhile, before becoming eligible to do another mod. I would ask them about that before deciding. A $70 reduction is a joke. I've had 4 done on rental properties, with an average reduction in payment of about $900, with Chase and Select...
  10. eightracker

    No Idea What I'm Doing

    Hey, you asked for advice, and I gave you some. You also didn't cop to having received multiple notices of default. IDK what state you are in, but here in Cali, the time period for a NOD is 90 days. Also, dual tracking here is not allowed. If that's the case where you live as well, I...
  11. eightracker

    Foreclosure Is Taking Too Long

    What would OCWEN's problem have to do with keem's current mortgage servicer?
  12. eightracker

    No Idea What I'm Doing

    Wrong. There are only two things every one of us HAS to do, and accommodating a lender ain't one of them. Acceptable price? For WHO? If the house is underwater, YOU aren't going to get anything from it, and your apparent consideration for the lenders bottom line, while magnanimous, is hardly...
  13. eightracker

    Ater 9 Months Of Back And Forth With Ocwen I Received Harp Tier 2-please Advise!

    Funny that you should mention that; I too have a rental in Las Vegas with a cash out HELOC that I fully intend to stop payment on eventually (in order to attempt to get a settlement offer at less than the current balance), possibly when I stop payment on the first, in order to get them to do a...
  14. eightracker

    Ater 9 Months Of Back And Forth With Ocwen I Received Harp Tier 2-please Advise!

    Absolutely take it. If you still own the house in 20 years, you can simply refinance to cover the balloon amount. And if you are truly "way underwater", perhaps consider stopping payment on the HELOC, since they wouldn't gain anything by trying to foreclose.
  15. eightracker

    Wf Mod Denied - Payment Affordable

    Are you current on your loan payments? If so, they have no reason to give you a modification. I've received 4 loan mods on 4 different rental properties so far, but in each instance, they wouldn't give me the time of day until I withheld 3 months payments, and then submitted a request for...